The Viridian has taken a critical step towards reestablishing itself as a premier condo development in Nashville, it has gained FHA approval from HUD. While FHA loan approval may not sound like it is that big of a deal, it is. It is a huge deal. In fact, it is the single most important factor in any condo building’s modern day success.
Since the collapse of conventional lending in the condominium sector 3 years ago more than 80% of all new purchase loans for downtown Nashville condos have been underwritten by FHA. Additionally, FHA loans only require a 3.5% downpayment giving more young professionals an opportunity to purchase a condo in our vibrant downtown district. Finally, virtually all banks and lending institutions utilize FHA backed loans, giving condo buyers the ability to stay with their preferred lending source.
As a result of the Viridian gaining FHA approval, I have upgraded this building to a moderate buy rating. One must still use care when choosing a condo within this building, but it is now a viable option.